QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-fifth of one redeemable warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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20 |
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24 |
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24 |
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25 |
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25 |
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25 |
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25 |
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25 |
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26 |
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26 |
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28 |
ITEM 1. |
FINANCIAL STATEMENTS |
June 30, 2021 (Unaudited) |
December 31, 2020 |
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Assets |
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Current assets: |
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Cash |
$ | $ | ||||||
Prepaid expenses |
— | |||||||
Deferred offering costs associated with IPO |
— | |||||||
Total current assets |
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Cash and Cash Equivalents Held in Trust account |
— | |||||||
Total assets |
$ |
$ |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Due to related party |
— | |||||||
Total current liabilities |
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Derivative warrant liabilities |
— | |||||||
Deferred underwriters’ discount |
— | |||||||
Total liabilities |
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Commitments |
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Common stock subject to possible redemption, |
— | |||||||
Stockholders’ equity: |
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Preferred stock, $ |
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Class A common stock, $ |
— | |||||||
Class B common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
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Formation and operating costs |
$ | $ | ||||||
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Loss from operations |
( |
) | ( |
) | ||||
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Other income ( l oss) |
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Interest income on trust account |
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Change in fair value of warrant liabilities |
( |
) | ( |
) | ||||
Offering expenses related to warrant issuance |
— | ( |
) | |||||
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Total other income (loss) |
( |
) | ( |
) | ||||
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Net loss |
$ | ( |
) | $ | ( |
) | ||
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Weighted average shares outstanding, basic and diluted – Class A common stock |
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Basic and diluted net income per common share – Class A common stock |
$ | $ | ||||||
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Weighted average shares outstanding, basic and diluted – Class B common stock |
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Basic and diluted net loss per common share – Class B common stock |
$ | ( |
) | $ | ( |
) | ||
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Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders’ Equity |
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Class A |
Class B |
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Shares |
Amount |
Shares |
Amount |
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Balance as of December 31, 2020 |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
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Sale of Units in Initial Public Offering, net of underwriting fees, offering costs and fair value of public warrants |
— | — | — | |||||||||||||||||||||||||
Forfeiture of Class B shares by Sponsor |
— | — | ( |
) | ( |
) | — | |||||||||||||||||||||
Class A common stock subject to possible redemption |
( |
) | ( |
) | — | — | ( |
) | — | ( |
) | |||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
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Balance as of March 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
Change in Class A common stock subject to possible redemption |
— | — | — | |||||||||||||||||||||||||
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Balance as of June 30, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest earned on trust account |
( |
) | ||
Change in fair value of warrant liabilities |
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Offering costs allocated to warrants |
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Changes in current assets and current liabilities: |
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Prepaid expenses |
( |
) | ||
Accounts payable and accrued expenses |
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Due to related party |
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|
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Net cash used in operating activities |
( |
) | ||
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Cash Flows from Investing Activities: |
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Investment of cash into trust account |
( |
) | ||
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Net cash used in investing activities |
( |
) | ||
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Cash Flows from Financing Activities: |
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Proceeds from Initial Public Offering, net of underwriters’ discount |
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Proceeds from issuance of Private Placement Warrants |
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Payments of offering costs |
( |
) | ||
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Net cash provided by financing activities |
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Net Change in Cash |
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Cash – Beginning of Period |
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Cash – End of Period |
$ | |||
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Supplemental Disclosure of Non-cash Financing Activities: |
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Initial value of Class A common stock subject to possible redemption, as corrected |
$ | |||
|
|
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Change in value of Class A common stock subject to possible redemption |
$ | ( |
) | |
|
|
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Deferred underwriters’ discount payable charged to additional paid-in capital |
$ | |||
|
|
For the three months ended June 30, 2021 |
For the six months ended June 30, 2021 |
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Redeemable Class A Common Stock |
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Numerator: Earnings allocable to Redeemable Class A Common Stock |
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Interest Income |
$ | $ | ||||||
Less: interest available to pay taxes |
( |
) | ( |
) | ||||
Net Earning |
$ | $ | ||||||
Denominator: Weighted Average Redeemable Class A Common Stock |
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Redeemable Class A Common Stock, Basic and Diluted |
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Earnings/Basic and Diluted Redeemable Class A Common Stock |
$ | $ | ||||||
Non-Redeemable Class B Common Stock |
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Numerator: Net Income minus Redeemable Net Earnings |
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Net Income (Loss) |
$ | ( |
) | $ | ( |
) | ||
Redeemable Net Earnings |
$ | $ | ||||||
Non-Redeemable Net Loss |
$ | ( |
) | $ | ( |
) | ||
Denominator: Weighted Average Non-Redeemable Class B Common Stock |
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Non-Redeemable Class B Common Stock, Basic and Diluted |
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Loss/Basic and Diluted Non-Redeemable Common Stock |
$ | ( |
) | $ | ( |
) |
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of |
• | if, and only if, the last sales price of the Class A common stock equals or exceeds $ |
• | in whole and not in part; |
• | at $ |
• | if, and only if, the closing price of Class A common stock equals or exceeds $ |
• | if the closing price of Class A common stock for any |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
June 30, 2021 |
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Carrying Value |
(Level 1) |
(Level 2) |
(Level 3) |
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Assets: |
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Cash and Cash equivalents held in Trust Account |
$ | $ | $ | — | $ | — | ||||||||||
Liabilities: |
||||||||||||||||
Warrant liabilities |
$ | $ | $ | — | $ |
June 30, 2021 |
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Stock price |
$ | |||
Strike price |
$ | |||
Term (in years) |
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Volatility |
% | |||
Risk-free rate |
% | |||
Dividend yield |
% |
Derivative warrant liabilities |
||||
Fair value at January 1, 2021 |
$ | |||
Initial value at IPO date |
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Change in fair value |
||||
Transfer of Public warrants from level 3 to level 1 |
( |
) | ||
Fair Value at June 30, 2021 |
$ |
TISHMAN SPEYER INNOVATION CORP. II | ||||||||
By: | /s/ Paul A. Galiano | |||||||
Name: | Paul A. Galiano | |||||||
Dated: August 12, 2021 | Title: |
Chief Operating Officer, Chief Financial Officer and Director (Principal Accounting Officer) |